The reason behind the £8m Russian donation to the Leave.EU campaign
This Tory government is trying to deliver a no-deal Brexit and turn the UK into the biggest tax haven on earth, which is why the wealthy Russian tax-dodging oligarchs supported the Leave.EU campaign.
According to the Guardian, Arron Banks is under investigation over alleged £8m donations he might have received from Russians to deliver Brexit:
“The investigation centres on allegations the £8m provided to the campaign involved money from a “non-qualifying or impermissible company” based in the Isle of Man, and that Banks, Bilney and others involved in BFTC, Leave.EU and others sought to cover up the origin of the funding.”
According to Reuters, in 2011, wealthy Russian tax-dodgers avoided paying up to $221bn of their due taxes, which accounts for at least 43.8% of the Russian GDP:
The United Kingdom is the world’s most significant player when it comes to corporate tax-dodging because out of the top 10 countries that allow multinationals to avoid paying billions in tax on their profits, four are British overseas territories.
According to an index published by the Tax Justice Network , the United Kingdom is actually by far the world’s biggest facilitator of corporate tax dodging, helping funnel hundreds of billions of dollars away from the tax man.
British overseas territories constitute 25% of the top 10 countries that allows multinationals to avoid paying billions in tax on their profit, which have “single-handedly” managed to create global corporate tax-dodging system which loses an estimated £395bn to avoidance.
The British tax haven territories are responsible for around a third of the world’s corporate tax avoidance risk, mounting up to almost five time the amount of the next greatest contributor, the Netherlands.
The UK managed to break down the global corporate tax system with an estimated £395bn of taxes lost to tax-avoiding practices.
According to the Tax Justice Network, here are the world’s top ten ranked tax havens:
1 The British Virgin Islands;
3 Cayman Islands;
10 Hong Kong.
According to the Independent, the British affiliated tax havens are responsible for around a third of the world’s corporate tax avoidance risk:
“The amount dodged globally each year is more than three times the NHS budget or roughly equivalent to the entire Gross Domestic Product (GDP) of Belgium.”
Under the current Tory government, the UK is gradually turning into a tax haven, it is hardly surprising that the Russian oligarchs supported the Leave campaign!
If the UK remained in the EU, then British government would have had to implement the EU Anti Tax Avoidance Directive, which would bring an end to tax-dodging practices by the wealthy Russian individuals or businesses residing or operating in the UK.